STATISTICS: MACEDONIA, FY2017: More than 57% of concluded contracts are related to motor classes

The Macedonian insurance market totalled MKD 8.99 billion (EUR 146.24 million) at the end of 2017, up by 3.10% y-o-y, according to data published by the local Insurance Supervision Agency.

Gross written premiums from non-life insurance increased by 1.57% y-o-y to MKD 7.54 billion (about 83.92% of total GWP), while the life insurance segment reported premiums of MKD 1.44 million, 11.95% more y-o-y, official figures show.

Local insurers have paid life and non-life indemnities worth of MKD 3.57 billion (EUR 50.18 million), of which about a half (MKD 1.78 billion) - related to Motor TPL policies.

During the year, Macedonian insurers issued a total of 1,385,676 insurance contracts (vs. 1,292,749 in 2016), of which 749,558 - MTPL policies and 44,516- related to MoD sub-class.

At the same time, the number of liquidated claims was 58,294 (vs. 55,194 a year before), of which MTPL - 27,123 and MoD - 8,643, respectively.

In terms of GWP, the largest life insurer in the country was the local unit of CROATIA osiguranje (GWP of MKD 622.25 million, 43.03% market share), while the local unit of Slovene TRIGLAV Group led the non-life ranking (MKD 1.31 billion, 17.39%).

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